Makreting Research: SWOT Analysis

One of the most intriguing subject that I learned from my Introduction to marketing course was marketing strategy and research, in which students have to conduct a SWOT analysis on the assigned company.


SWOT stands for Strength, Weakness, Opportunity, and Threats

Every company should have at least performed this analysis technique at some point because it is very crucial for their development, since it asseses internal factors which they already possess as well as external factors which are outside of their control. This combination of internal and external factors is going to benefit anyone who is starting out a new company/business, launching new products or services, as well as organizing events.

Here we are going to discuss each points of this SWOT analysis one by one:

Internal factors:

Strengths refers to anything which you or your company already have and is beneficial to you, a positive attribute that you can count on such as; unique selling point, service quality, variety of products, and certifications. By knowing your own strengths you also get to know your weaknesses.

Weaknesses are negative or unsatisfactory aspects of your business that you may need to be improved on. Perhaps you are unable to reach the entire segment of the market because of the specific nature of your product/service, or maybe you've had some bad experience in the past such as crisis which makes your company less credible in the eyes of your consumers. Whatever it is, it's internal and negative.

External Factors:

Opportunity is defined as something outside of your company which is beneficial to you. Potential market segment, upcoming contracts, co-branding, referrals, and technological advancement such as the use of social media can also be listed as an opportunity to your company.

Threats refer to negative aspects that are not within your reach or controls. That new competitor who just launched a product similar to yours, or it may be the changing buying habits in your consumer. Whatever it is, you need to find a way to get around them.

So by being able to assess these four aspects, you will have more knowledge and control over your company, fix your problems, take advantage of new opportunities, as well as becoming aware of the things out there that are holding you back. Therefore, you will be more successful in marketing your business.

So, what's your SWOT?